National Republican. (Washington City (D.C.)) 1872-1888, 1887-06-10
Hawking silver.

Hawking silver.
The monometalists OF Wall street have
evidently become alarmed at the rapid de-
velormept Of sentiment in the country in
favor of bi-metalism. These gentlemen as
serted In every way that the English language
is capable Of being used to convey an idea,
and everywhere that an auditory could be
found, that the law providing for the coin
age Of the standard silver dollar would
drive gold out of the country, AMI finally
force the government into reputation.
The law has been In existence for num-
Der OF years, and though every Secretary
entrusted with its enforcement has been
hostile to II and each has done all that was
possible to liscred!t the law, there has been
steady flow OF gold into the country,
and the treasury held more In its vaults
at the close Of last month than ever before.
Evidently the monometalists were mis-.
taken as to the effect silver coinage would
have on gold the one metal has seemed to
attract the other, and what these gentlemen
were pleased to call the "70-cent dollar"
has helped to bring millions of the yellow
idol which they worship within their reach.
When the law was passed which was to
drive gold out Of the country there was
Sl2sO00, COO in gold in the treasury, sS,O00,-
Geo iu the national banks, anl $4,000 900
in "other bsnks and In individual hands'-a
total SlS6,O00,0OO. At the close Of the last
fiscal year there was $!33, 100000 in gold
in the treasury, Sl04, 900 in the national
bauks, and $l59. 100000 'in other banks
and In individual sn--a total OF $780,
O00,000-an increase Of over 275 per cent, 3,
instead of the decrease prophesied by them
and TO secure which the monometalists made
every effort.
Circulating alongside of these 500 100000
gold dollars on the Both Of last June were
ll5 600 silver dollars, the one buying
as much as the other. In the ten III )nths
that elapsed between June 30, 1888, and
April 80, 1857, the gold in the treasury in
creased Si3000,000, and there was aud is a
steady flow Of 1t into the country, the i'm
ports In these ten months of gold coin aud
bullion being 81 100000 against an export
Of ii,gU0, 600, surplus of imports of S5G,-
100000 gold, while of silver we importe
$l4,JC0GG0 and exported Sl4, 900, sur
Illus Of only $0OO,O in silver
Along with this gold and silver, and rep
restnting a portion OF it In the treasury,
are gold certificates to the value of $685..
CCO,(O0 and silver certificates to the value
Of :l3s, ,CCOC0O, and these bear the same re-
l.tiCn to each other that they do to them
selvcs-that is, one silver certificate for ten
dollars will buy as much as another, or as
ten silver dollars; one gold certificate for
ten dollars will buy as much as another, or
as ten dollars In gold, aud all are inter-
chargeable.
Having failed as prophets Of evil-hav
ing failed as prevent the coinage OF silver
having failed to prevent the use OF silver
certificates equally and at the same rates
with gold-the monometalists are abou
TO resort to new device to depreciate si.'
Yer and silver certificates.
They propose to establish In Wall stree
silver repositories, and that these deposi
tories shall issue silver certificates for eaci
thousand ounces OF silver at the market
value at the time of the deposit, that thes,
silver certificates shall be listed as othe
securities are In Wall street and sold IL
the exchange, even adding the worst fea
lures OF selling futures on silver deposits
The meaning of this is plain, and the re
suits certain. The entire silver crop OF th,
country outside of the 100000 which tn,
Secretary of Treasury is compelled to coli
each month, is to become the sport Of th,
Wall street bulls and bears-they are Il
send 1t up or down, corner 1t, or play 1
open as they choose. And they calculat
with certainty that the fluctuations whicl
they will force in these priuate SHger certif
cdics will inevitably affect the silver certll
Gates issued by the government, and caus
them to HuctuGte in like manner, thu
driving them out as O stable circulatin!
medium, which they now are, aud maxim!
them also foosballs to be kicked about Wal
street.
It is evident that the objects of tho new
plan OF "llstlng silver certificates" are, prl
marily, to have u new thing to gamble on
and, secOndarlly, but mainly, to depreclat,
and drive out the silver currency OF tn
country, which has already prevented, ant
Is now preventing for the time, slringenc
IN the money market that but for 1t woulI
before this have resulted In widespread dis
asteT.
To show what this gambling schem
means it is only necessary to read what Mr.
a, NJ. Townsend, the New York agent 70
the Hong Kong and Shanghai Banking Cor
poratlon, says iu the Commercial Bulieti
Of yesterday, After explaining the plan
lie says:
The scheme, to be successful, would have b
he backed by large supply Of certificates S
Ms to admit Of free sales and purchases, both o.
"long" and "short" sides, and think "tine
falos would be required to make the plan III
requirements Those interested in the schem
would be the governments now large holder
OF silver, eastern exchange banks, foreig
merchants, bullion producers and dealers, an
kpeCu!ators. The certificates would form a IA
yorite basis for loans, aud on account of shor
sales would be carried on easy terms.
AsAn Illustration OF how the plan would b
useful to banks, merchants, and others rallni
with silver countries suppose A. b. " Co, co !
tract to deliver 100 900 cases Of oil in China lI
10000 silver dollars, 20 be paid Ia six molthi